Military operations between the United States and Iran have expanded significantly, with strikes now reported in Kuwait and Syria.
The escalation marks a broadening of the conflict beyond direct confrontations, as US forces target Iranian nuclear and military sites while Tehran responds by firing back at Gulf Arab states.
The widening footprint of the conflict is intensifying risks to the Strait of Hormuz, a critical chokepoint for global energy supplies.
Markets are repricing the probability of shipping disruptions, with Brent crude climbing sharply as traders assess the potential for sustained supply constraints.
The strong dollar and elevated oil prices are also creating headwinds for Latin American economies, which face higher import costs and currency pressure.
This development follows a new round of airstrikes launched by the US against targets in Iran, according to reports from NPR.